Wellington Shields Capital Management LLC bought a new stake in Eaton Co. PLC (NYSE:ETN) during the third quarter, Holdings Channel reports. The institutional investor bought 2,612 shares of the industrial products company’s stock, valued at approximately $227,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Stevens First Principles Investment Advisors purchased a new position in Eaton in the third quarter valued at about $643,000. Skandinaviska Enskilda Banken AB publ purchased a new position in Eaton in the third quarter valued at about $89,715,000. Global Financial Private Capital LLC purchased a new position in Eaton in the third quarter valued at about $216,000. Park Avenue Securities LLC grew its stake in Eaton by 25.8% in the third quarter. Park Avenue Securities LLC now owns 5,461 shares of the industrial products company’s stock valued at $478,000 after purchasing an additional 1,120 shares in the last quarter. Finally, Chicago Partners Investment Group LLC grew its stake in Eaton by 101.5% in the third quarter. Chicago Partners Investment Group LLC now owns 2,043 shares of the industrial products company’s stock valued at $145,000 after purchasing an additional 1,029 shares in the last quarter. Hedge funds and other institutional investors own 77.29% of the company’s stock.
In related news, insider Richard H. Fearon sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $83.29, for a total transaction of $2,082,250.00. Following the completion of the transaction, the insider now owns 221,459 shares of the company’s stock, valued at approximately $18,445,320.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Deborah L. Mccoy sold 3,000 shares of the business’s stock in a transaction dated Thursday, September 6th. The stock was sold at an average price of $84.55, for a total value of $253,650.00. Following the transaction, the director now directly owns 32,936 shares of the company’s stock, valued at approximately $2,784,738.80. The disclosure for this sale can be found here. Insiders have sold a total of 55,000 shares of company stock valued at $4,617,645 in the last three months. 0.50% of the stock is owned by insiders.
Shares of NYSE:ETN opened at $73.43 on Friday. Eaton Co. PLC has a fifty-two week low of $67.70 and a fifty-two week high of $89.85. The stock has a market capitalization of $32.69 billion, a price-to-earnings ratio of 14.48, a P/E/G ratio of 1.37 and a beta of 1.49. The company has a quick ratio of 0.96, a current ratio of 1.49 and a debt-to-equity ratio of 0.40.
Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, October 30th. The industrial products company reported $1.43 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.43. Eaton had a return on equity of 13.48% and a net margin of 10.06%. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.49 billion. During the same quarter in the previous year, the firm earned $1.25 earnings per share. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. As a group, analysts predict that Eaton Co. PLC will post 5.35 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 16th. Investors of record on Friday, November 2nd will be given a dividend of $0.66 per share. The ex-dividend date is Thursday, November 1st. This represents a $2.64 annualized dividend and a dividend yield of 3.60%. Eaton’s dividend payout ratio is presently 56.77%.
ETN has been the topic of a number of recent research reports. Morgan Stanley lowered their target price on Eaton from $94.00 to $80.00 and set a “hold” rating on the stock in a research note on Wednesday, October 31st. Credit Suisse Group lowered their target price on Eaton from $91.00 to $85.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 31st. UBS Group upgraded Eaton from a “neutral” rating to a “buy” rating and boosted their target price for the company from $91.00 to $100.00 in a research note on Friday, September 21st. Deutsche Bank lowered their target price on Eaton from $102.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday, October 31st. Finally, Zacks Investment Research raised Eaton from a “hold” rating to a “buy” rating and set a $91.00 price target for the company in a research report on Monday, August 6th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $86.12.
ILLEGAL ACTIVITY WARNING: “Wellington Shields Capital Management LLC Takes $227,000 Position in Eaton Co. PLC (ETN)” was first reported by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are accessing this report on another publication, it was copied illegally and reposted in violation of United States & international copyright law. The legal version of this report can be viewed at https://www.dispatchtribunal.com/2018/11/10/wellington-shields-capital-management-llc-takes-227000-position-in-eaton-co-plc-etn.html.
Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.
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